Gifts of Personal Property: The Details

Give valuable assets that you no longer want to insure or maintain. You may get a deduction for your generosity.

The IRS gives donors who contribute appreciated property, like securities and real estate, two tax breaks: a charitable deduction for the full fair market value of the asset, and no capital gains tax on the transfer to National Audubon Society.

The same benefits also encourage gifts of personal property: artwork, antiques, equipment and other items that help us advance our mission.

If you are considering such a gift, please talk with us first. We can determine if the items can be used by us – a requirement for you to claim a full deduction. It is not recommended that you donate personal property with the idea that the items can be liquidated for cash, because the IRS will then limit your charitable deduction to your cost basis in the property.

We do reserve the right sell the property at a later date if it can no longer be used or properly cared for by Audubon.

Planning points

• You will need to secure an independent appraisal of the property to establish the amount of your deduction.
• Most gifts of personal property are made to Audubon outright. In some cases, it may be possible for you to arrange for life income to be paid to you in return for the gift. Consult with your advisors and our office before proceeding with such a plan.

Please contact us so that we can assist you through every step of the process.

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